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Credit One Bank® NASCAR® Credit Card Review
What we like about the Credit One Bank® NASCAR® Credit Card
- Prequalification opportunity: A credit card application involves a hard inquiry on your credit, which can temporarily lower your credit score. If you apply for a new card and don’t have great credit, a rejected application is a double whammy — no new card to use and a lower credit score. The Credit One Bank® NASCAR® Credit Card offers applicants a prequalification step, so you can see the likelihood of being approved without risking your credit.
- Unauthorized charge protection: With zero fraud liability, NASCAR card members won’t be on the hook for charges they didn’t authorize.
- Free access to credit score: Each month, cardholders can monitor their Experian credit score and view a summary of their credit report.
- Flat-rate rewards: Enjoy 1% cash back rewards on eligible gas and automotive purchases. Earn double cash back at the NASCAR Shop.
Things to consider
- No introductory APR offer: Many other cards boast a 0% intro interest offer, but this card doesn’t. If you tend to carry a balance month to month, other cards might be a better choice. The card’s high APR 23.99% Variable can quickly impact your debt.
- Lots of fees: If you’re fee-averse, this might not be the right card for you. There are fees for adding an authorized user, using your card abroad and many other actions that can make this an expensive choice.
- Initial credit limit: Your initial credit limit may be as low as $300. If you have poor credit, you’ll pay a $39-$99 annual fee, which depending on the annual fee you receive will lower your credit limit.
- Fluctuating rewards structure: The rewards structure of the card is contingent upon your creditworthiness. If you have a lower credit score, you will have fewer benefits compared to a user with excellent credit.
Cash back details
There are two rewards structures available with the Credit One Bank® NASCAR® Credit Card that are dependent on your creditworthiness. If you have excellent credit, you can receive 1% cash back rewards on eligible gas and automotive purchases and double cash back at the NASCAR Shop. Points are automatically credited to your account. But if your credit isn’t great, you only receive 1% cash back on gas and card purchases. Luckily, you can still enjoy double cash back at the NASCAR Shop.
The fees associated with the Credit One Bank® NASCAR® Credit Card are partially dependent on your creditworthiness. For example, your annual fee can vary from $39-$99. Other costs with this card include a $19 annual fee to add an authorized user to the account and another $19 to add a joint account owner. If you’re planning on using this card abroad, think again. Cardholders will pay a 3% foreign transaction fee per transaction for using the card in other countries.
If you send in a payment late, you can be charged up to $39 in penalty fees. Additionally, it’s important to make sure you send in your bill payments well in advance because Credit One Bank doesn’t process payments immediately and charges a $10 fee to do so.
How does it compare to other credit cards?
While the Credit One Bank® NASCAR® Credit Card delivers the ability to use credit without a security deposit, there are other choices with better terms in exchange for a refundable deposit. For example, the Capital One Platinum Secured Credit Card boasts no annual fee, a low minimum deposit and be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed. For a slightly higher minimum deposit, the Citi® Secured Mastercard® is another good way to recover from financial mistakes and eventually qualify for an unsecured card.
|Card||Ongoing Purchase APR||Annual Fee||Intro Bonus||Credit Needed||Key features|
|Credit One Bank® NASCAR® Credit Card||23.99% Variable||$39-$99||None||Bad to Fair|
|Capital One Platinum Secured Credit Card||26.99% Variable||$0||None||No Credit History|
|Citi® Secured Mastercard®||22.49% variable||None||None||No Credit History|
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